The Elgin housing market is among the nation's top ten least recovered communities.
Using the Federal Housing Finance Agency's Home Price Index, HSH.com, the nation's largest publisher of mortgage and consumer loan info, compared the recovery of housing markets in the nation's metro areas. During the first quarter of 2016, Elgin ranked 10th on the list of metro areas that recovered the least, with home prices at 27.8 percent below peak values.
Even still, according to HSH.com, it is important to note that home prices in some areas were inflated to such heights that those markets are unlikely to reach those levels upon recovery.
"It is important to note that many markets, even the ten that have recovered the least, have made significant price recoveries since hitting their bottom values," reads a release from HSH.com. "Likewise, home prices in areas like Las Vegas may have been inflated to such a degree that even when they return to a 'normal' value they may still be well below their latest price peak."
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